canvas togler
Back to all news

U.S. 2021 Retail Vacancy Rate May Rise To 7-Year High After Record Store Closings

Coronavirus has led to a record number of U.S. store closings in 2020 and to Manhattan’s retail rents plunging to historic lows, and the toll on the brick-and-mortar sector may not ease any time soon.

After a record 12,200-plus store closing announcements from major chains in 2020 that translate to a record 159 million square feet of emptied retail space, average retail vacancy rate will rise to 5.7% this year, the highest since 2015, from 5% last year, according to commercial real estate data firm CoStar. U.S. average retail rents dropped 0.7% last year, the first decline in nine years.


Join Our Email List

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact